Step
1: Prequalifying Interview Evaluating Your Housing Needs and Financial Health. The first
step to homeownership is gathering information you'll need.
Step
2: Pre-Approval
The Neighborhood Investment Corporation can provide a "Pre-Approval
Certificate" showing a mortgage commitment base on your financial
profile valid up to 90 days. This would assure financing of a home
that meets the guidelines of the the Neighborhood Investment Corporation
program. There is a non-refundable $50 application fee which can be applied to your
closing costs.
Step
3: Application The Neighborhood Investment Corporation uses a standard application
that asks for your income and other assets, debts, work history and
credit history.
Step
4: Closing & Construction If your loan is approved, you can purchase your home and set
up a construction account with the bank.
Step
5: Classes
Approved NIC mortgage applicants are required to take classes on Budgeting,
Pre-Purchase Seminar. Classes are designed to help guide you.
NIC's Mortgage
Will:
Finance both
Purchase and Home Repairs
Lend over
standard limits
Require only
$500 out of pocket
Provide Homeownership
Training
Guide you
through the construction process
Who Should Apply?
Those interested
in fixing up older homes - NIC's Mortgage is available only for
projects which need substantial rehabilitation
Those interested
in established neighborhoods - we finance in targeted neighborhoods
in Muskegon County
Those interested
in Homeownership of 1 to 4 unit property
Those with
responsible credit records
Those with
stable income and / or employment histories
Income limits
do apply
Neighborhood
Investment Corporation
Opening doors to fixing up old homes and rebuilding neighborhoods.
Step
1: Prequalifying Interview